jthwan22

I just got a 1988 928 S4. USAA is charging me $962/yr to insure it. Hagerty charge me under $300 for 84 911 Cab. Hagerty won't insure the 928 because it is too new. Hagerty is also very limited on when and where you can drive the car. I think I drove the 911 less than 10 times last year. I have 5 cars and 6 including the wife's car. So commuting to work with a beater is not a problem. I would like to drive the 928 to work some times. Do you guys know a classic car insurance company that is not so restrictive on usage and cheap?

ShawnSmith

Some of the majors have classic-car policies if your main vehicles are with them.

In my example, I've used State Farm for a long time, and was able to talk them into a stated-value+classic policy on the 928 due to it's unusually low miles and relative rarity (it's not a rare 928, but the Agent bought my story). I have to have a primary car insured with them with full coverage, and supposedly only drive the 928 to club meetings or concours or whatever - but it's dirt cheap, and somehow I always find a "club" to go see each weekend around town

rb2100

I have American Collectors out of Cherry Hill, NJ - also through USAA. I think my policy is $86 per year if memory serves. But the mileage is pretty restrictive, only 2500 or 3000 per year. They are ok with a few commutes per year though.

Richard S

Hagerty will insure newer cars. My friend uses them for his 1996 993-C4S. But there may be the "can't drive to work" stipulation on the newer cars as well, so I guess this wouldn't work for you.

Rich

Nine2Eight

If you want some semblence of peace of mind, stay away from the "Classic Car Insurers". It's like buying a hamburger and then not being allowed to eat it. Even the miles they say you are allowed per year are usually up for interpretation. They told me if I was hit going to the grocery store I would not be covered, as the trip would be considered an "errand". What a load of bovine feces. I had it for a year on my 356 SC and then ditched it. Not mentioning the company, as I don't even want to give them free advertizing by getting their name out there.

JPC - Tampa Bay, FL

Tom in Austin

There's a huge need for an alternative insurance program for multiple cars. Liability is priced per car, when it really ought to be based on the number of drivers or miles driven. My company's exposure does not change when I buy another car if it's the same amount of driving done by the same drivers.

I too researched the so-called collector car coverage and as people noted, the usage guidelines are too subjective. I could certainly live within a mileage limit, but who wants to have a battle over how you were using the car when an accident occured? Yeah, I was driving on the street where the dry cleaners and grocery store are located, but no, I was certainly not taking the 928 on "an errand". Good grief!

Finally, someone mentioned getting a classic-car policy from State Farm. I suspect what happened was State Farm sold a collector policy underwritten by one of the three or so companies that actually write the coverage. To my knowledge, this is done by the agent and has nothing to do with the major company that has the coverage on your other cars. The collector car policies are marketed through many channels, but there are only a handful of companies actually issuing the policies, so you have to be cautious about the representations you get from the person selling the policy. For example, they might say you have "2,500 miles" and then kind of skip over the other restrictions. They earn the commission on the sale and help their customer (you) but if you have a claim, then you find out what the fine points actually were.

Maybe we could start our own company to insure 928s?

fummins

Hagerty.With stated/agreed value and 5,000 miles per year,kept in garage cost is $173.00 per year.

BC

I am finally out of the Property insurance arena, now strictly focusing on Financial Services, but I did alot of Auto insurance and mucho mucho "Collector Car" policies.

The mileage CAN be used against you. Where you are at the time of Claim CAN be used against you.

And we are all safe drivers, and many of you have had accidents not because of your fault, but because of someone elses - that means your own insurance (in a "fault state) will not even be involved when the other party's company pays. Your "Agreed Value" is then hogwash, and will take more work to prove.

Receipts and a lawyer may be the things you need to get indemnified properly.

On average, now that you are costing the company money as a claimant (meaning your own company), why would they care if you get pissed off? You already cost more then the premium, your loss ratio is off the charts - why would they be interested in serving your needs properly?

88 Shark

I also use American Collectors, and pay about $100 per year. But, I have it registered as a collectors car and this restricts my usage to 2500, 3000 miles per year. Give them a try, they are good.

Jim bailey - 928 International

All insurance is "GOOD" until you have a claim......even life insurance The current popular "valuation" methodology is to use Craigslist adds as representitive....not Kelly blue book or retail or dealership adds but Craigslist adds...

shaynes

I use my current State Farm , and since the cars are 10 years old at least, and are under 2500 miles a year, they issue a collector policy.. it ranges from 250 to 400 a year, but that is insured per market value of my stating, and the 400 is at 70k for my Speedster, so that really isn't bad at all.

Jim bailey - 928 International

Well worth reading.....lifted from another collector car site. "Insurance companies will use one of these three different policy forms. These methods of determining the value of a loss for each is different, misunderstood, and frequently misrepresented by insurance agents.

Actual Cash Value: This is the typical type of coverage in a standard insurance policy and pays a “depreciated” value in the event of a claim. As the vehicle gets older, its value decreases. The insurance claims adjuster decides what the car was worth at the time of the loss. Disagreements can sometimes only be solved with litagation.

Stated Amount: This is the type of policy is often used for collector car policies and is frequently misunderstood. Many "Stated Amount" forms state the insurance company will pay the lesser of:

The Stated Amount
or
The cost to repair the covered auto not to exceed the “Stated Amount”
or
The “Actual Cash Value”

The “Stated Amount” only serves to set the maximum amount that will be paid. It does not guarantee you a settlement amount that reflects the value of the car when a loss occurs. The “Actual Cash Value” language allows the claims adjuster to settle your loss for an amount less than the “Stated Amount.” Sadly, most insurance agents are unaware of this detail. Most agents, unaware of the actual policy language, will insist if your collector car is stolen or totaled, you will receive the stated value. Wrong!

Agreed Value: This the type of coverage you should purchase. With this policy you are guaranteed in writing the amount you would acctually receive if you car is stolen or totaled. There should be no “Actual Cash Value” clause in the policy. The “Agreed Amount” policy should state that the insurance company will pay you the lesser of: The “Agreed Amount” or the cost to repair the car, not to exceed the “Agreed Amount”.

The “Agreed Amount” should be reviewed carefully with your agent before the policy is issued. Your agent and you must agree together upon the “Agreed Amount” before the policy is issued. The “Agreed Amount” should represent the true market value of the car at the time the policy is written. If the market value changes during the policy period, the “Agreed Amount” can be changed by endorsement. Before policy renewal each year the “Agreed Amount” should be changed, if necessary, to reflect current market value.

Most standard insurance companies do not offer an “Agreed Value” policy. "........ So quite frankly MOST people do NOT have the insurance that they think they have !!!!! BIG DRUM ROLL since actual cash value......"The insurance claims adjuster decides what the car was worth at the time of the loss.." Read that one one more time and you find that anything short of WRITTEN AGREED VALUE.....sucks. Stated Amount just means what YOU think it might be worth and means only one thing to the insurance company , that they can charge you higher premiums !!!!!

jthwan22

I got a quote for the 1988 928 at agree value of $21,000 it will cost me $474 a year. 2500 miles no driving restriction flexible miles.
Vehicle number Year Make Model Mileage Requested Value
1 1988 Porsche 928 2,500 $21,000

Vehicle #1
Coverage Limit Deductible Premium
Bodily Injury/Property Damage No Limit - 300,000 $77.00
UM/UIM Bodily Injury/Property Damage No Limit - 15,000/30,000/5,000 $12.00
Basic PIP Basic PIP $250,000 - $250 Ded $2.36
Comprehensive $0 $285.60
Collision $0 $90.30
Basic Towing Package $25.00 Included
Spare Parts $500.00 Included
Total Vehicle Premium $467.26

NJ PLIGA $7.48
Total Annual Premium $474.74

It is half the cost of USAA but not $100 a year. What do you guys think?

Jim bailey - 928 International

Perhaps "Requested Value" needs to be DEFINED ... for you to KNOW what it is they are offering.

BC

Those coverages are too low if you wish to protect your assets.